低利率时代的理财“AB面”，规模新高与收益下行

Group 1 - The bank wealth management market has reached a record scale of 32.13 trillion yuan as of the end of Q3 2025, marking a year-on-year growth of 9.42% [1] - Fixed income products dominate the market, with a total scale of 31.21 trillion yuan, accounting for over 97% of the total [1] - Despite the growth in scale, the returns on wealth management products have been declining, with cumulative returns of 568.9 billion yuan in the first three quarters, decreasing from 206 billion yuan in Q1 to 179.2 billion yuan in Q3 [1] Group 2 - Under a moderately loose monetary policy, the downward trend in bond market interest rates and deposit rates will continue to suppress the yields of pure fixed income products [3] - "Fixed income +" strategy products are expected to become a significant growth engine for the wealth management market in Q4, with an estimated annual scale increase of over 1.4 trillion yuan [3] - In Q3, banks increased their allocation to cash and bank deposits, interpreted as a safety cushion during the interest rate decline cycle, while reducing their allocation to public funds [3] Group 3 - The market landscape is changing, with wealth management companies expanding their market share to 91.13% of the total by the end of Q3 [3] - The enthusiasm of banks to apply for wealth management licenses has varied, with some banks showing reduced motivation while regional banks like Chengdu Bank are actively pursuing license applications [3] - More small and medium-sized banks are shifting towards agency sales, with 583 institutions participating in cross-bank sales of wealth management products as of September this year [3]